Monitoring Security Interests

Before the Personal Property Securities Act 2009 (the PPSA) came into place, a Company Alert would also provide an alert if a charge was registered over the assets of the company. However, now that the PPSA applies, a security over the personal property of a company is notified on the Personal Property Securities Register (PPS Register) and is no longer the responsibility of ASIC.

The PPS Register also has an alert notification service, under which you can be notified when there is a new registration or an amendment (including a discharge) for an organisational grantor (i.e. a party that is described by an ACN, ARBN or Australian Registered Scheme Number). Therefore, this alert system covers more than just companies and includes partnerships, trusts, managed investment schemes, etc.

As is the case for the Company Alerts, an email is sent to a nominated email address when a security interest is registered or amended. There is no fee for the alert notifications service.

The PPS Register alert notification service are available on the PPS Register.

How to use these tools

These tools are particularly useful to monitor your debtors. For example, a change of directors or the registration of a security interest over all of your debtor’s assets may influence how much credit you provide in the future.

These are not the only tools that can assist you in managing the risk of extending credit. A comprehensive set of Trading Terms & Conditions can protect your dealings with your customers, so that you can set out when you expect to be paid (and charge interest if you are not paid on time) and agree to take security in the goods you supply.

Who can help?

We can.

There are many more benefits of using Trading Terms & Conditions – read more about these here or contact Louise Craven on 1300 654 590 to get yours in place.

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